POST CRISIS RECOVERY EDITORS. Hasan Hanic Mustafa Özer Zoran Grubisic Ivana Domazet

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1 POST CRISIS RECOVERY EDITORS Hasan Hanic Mustafa Özer Zoran Grubisic Ivana Domazet Belgrade, Serbia, 2013

2 CONTENTS I MONETARY POLICY 1 NOMINAL STABILISATION POLICY OF THE PORTUGUESE CURRENCY: AN EXAMPLE FOR WESTERN BALKAN COUNTRIES? 3 Antonio Portugal Duarte, Joäo Sousa Andrade, Adelaide Duarte MONETARY POLICY IN SMALL AND OPEN ECONOMIES 19 Radoje Zugic, Jelena Galic, Nikola Fabris THE EUROPEAN INTEGRATION AND THE DUTCH DISEASE: PORTUGAL AND SPAIN 32 Joäo Sousa Andrade, Antonio Portugal Duarte CENTRAL BANK INDEPENDENCE IN FORMER YUGOSLAVIA REGION 54 Sasa Popovic, Ana Mugosa, Vanja Stanisic STABILISATION MECHANISMS FOR EUROZONE OVER-INDEBTED COUNTRIES 70 Malisa Djukic, Hasan Hanic EXCHANGE RATE REGIME AND ITS INFLUENCE ON BALANCE OF PAYMENTS IMBALANCES IN THE SEE COUNTRIES 84 Zoran Grubisic, Sandra Kamenkovic MONETARY SYSTEMS, ECONOMIC CRISIS AND FINANCIAL REGULATION 99 Perisa Ivanovic, Marija Marcetic THE ROLE OF EXCHANGE RATE REGIME IN INCREASING COMPETITIVENESS AND ITS CONSEQUENCES 114 Darko Vukovic, Igor Pejovic SOURCES, RESERVES, AND CONVERGENCE OF THE SERBIAN ECONOMIC GROWTH - Jobless Growth of the Serbian Economy Milenko Popovic PREVENTIVEIMPACT OF DEPOSIT INSURANCE PREMIUM DIFFERENTIATION ON MORAL HAZARD IN BANKING SECTOR 164 Djordje Djukic BANKING SUPLLY QUALITY - OPEN SOURCE TO POST CRISIS RECOVERY OF THE ROMANIAN BANKING SYSTEM 188 Constantinescu Lucrefia Mariana, Dragoi Violeta Elena, Ionescu Romanita Valentina, Tiganilä Elvis Cristian

3 THE EFFECTS OF IMPLEMENTATION OF CREDIT INFORMATION EXCHANGE SYSTEM IN SERBIA 200 Vladimir Simovic, Ivana Domazet POSIBILITY OF ESTABLISHING DEVELOPMENT BANK IN SERBIA 215 Milan Vujovic, Vladimir Medan, Olivera Vasic BANKING SECTOR DEVELOPMENT AND ECONOMIC GROWTH WITHIN CENTRAL AND EASTERN EUROPEAN COUNTRIES 232 Renata Pindzo, Ana Vjetrov WHY IS THERE NO INTIAL PUBLIC OFFERINGS IN SERBIAN CAPITAL MARKETS?! 246 Dejan Eric DEVELOPMENT OF MUNICIPALITY BONDS MARKET IN THE WESTERN BALKAN COUNTRIES AND REPUBLIC OF SERBIA 263 Aleksandra Bradic-Martinovic, Dusko Bodroza SHORT TERM ORIENTATION OF SUBJECT OF CORPORATE GOVERNANCE AS CAUSE OF THE ECONOMIC CRISIS: LESSONS LEARNED FROM AHOLD COMPANY CASE 280 Petar Radojevic, Sasa Milivojevic, Sasa Stefanovic STATISTICAL ANALYSIS OF THE BANKING SECTOR PERFORMANCES IN SERBIA BEFORE AND AFTER THE ECONOMIC CRISIS 294 Jelena Stankovic, Snezana Radukic, Vesna Jankovic-Milic PROLONGED RECESSION IN SERBIA AND RECOVERY PROSPECTS 317 Vlastimir Vukovic, Jelena Minovic ROLE OF INSURANCE SECTOR IN POST CRISIS RECOVERY 328 Safet Kozarevic, Beriz Civic FOREIGN DIRECT INVESTMENTS AS AN ENGINE OF ECONOMIC GROWTH AND DEVELOPMENT OF SERBIA 349 Darko Marjanovic, Predrag Radojevic ]JI INS NU I ION \l. I-'K VMI.WOKk - l'l IM IISI'I ( I IM s 365 EDUCATION AND POST CRISIS RECOVERY: THE EU LANDSCAPE FORM A LONG-RUN PERSPECTIVE 367 Florbela Martins, Marta C.N. Simöes THE IMPORTANCE OF REDEFINING COUNTRY BRAND, FOR THE DEVELOPMENT OF TRANS-BORDER EXCHANGES 391 Nicoleta (Spärchez) Popescu EUROPEAN ECONOMIC PERSPECTIVES OF SERBIA AND THE INTEGRATION PROCESS 407 Srdjan Redzepagic, Damien Bazin

4 STRATEGIES FOR ENHANCING COMPETITIVENESS OF THE ECONOMY AS A WAY TO ENSURE FASTER RECOVERY FROM THE CRISIS: THE EXPERIENCE OF THE EU AND SERBIA 420 Elena Baranenko, Slavica Stevanovic INNOVATION AND INNOVATIVE PERFORMANCE IN EUROPEAN UNION 434 Adnan Rovcanin, Adna Mataradzija, Amra Mataradzija QUALITY OF TEAMS FOR INNOVATION AND CRISIS SITUATION IN DOMESTIC ECONOMY 443 Milan Stamatovic, Durdica Vukajlovic, Azra Hanic HARMONIZATION OF REGULATIONS AND INSTITUTIONS - PRECONDITION FOR QUALITY OF FINANCIAL REPORTING 457 Gordana Vukelic, Grozdana Belopavlovic BUDGETING PRACTICE OF LOCAL GOVERNMENT UNITS IN SERBIA - PRESENT STATE AND PRESPECTIVES 470 Zvonko Brnjas, Predrag Dedeic THE LOCAL REINDUSTRIALIZATION STRATEGIES AND PUBLIC- PRTVATE PARTNERSHIP 487 Sofija Adzic DEVELOPMENT ASPECTS AND PERSPECTIVE OF CONSULTING SERVICES IN SERBIA 501 Branko Mihajlovic, Drago Cvijanovic CLIENT Value PARAMETERS AND PRIORITIES IN WESTERN BALKANS PROJECTS 515 Zoran Cekic, Nebojsa Surlan CORPORATE GOVERNANCE IN GROUP OF COMPANIES: A CORPORATE LAW REVIEW 529 Ivana B. Ljutic FIGHT AGAINST CORRUPTION IN SERBIA IN THE ASPECT OF ITS EU INTEGRATION PROCESS 542 Duro M. Buric, Milos Vasiljevic CREATIVE CLASS, HUMAN CAPITAL AND REGIONAL DEVELOPMENT IN TURKEY 562 erife Deniz Us, Deniz Gökta? WHY THE DISCREPANCY BETWEEN THE HRM THEORY AND PRACTICE WHEN DEALING WITH COWORKERS? 572 Miha Marie, Maja Djurica, Vlado Dimovski

5 SHIFTS IN OCCUPATIONAL AND SKILL NEEDS IN THE WESTERN BALKAN REGION - A SLOW ADJUSTMENT 581 Kosovka Ognjenovic, Aleksandra Brankovic THE MOTIVATION OF EMPLOYEES IN THE ORGANIZATION OPERATING IN THE SERBIAN MARKET: HOW DO EMPLOYEES EV ALU ATE IT AT THE TIME OF CRISIS? 603 Dejan Jecmenica, Lidija Barjaktarovic, Stepa Savatic YOUTH ENTREPRENEURSHIP IN SERBIA - EXISTING BARRIERS AND SUPPORTING INITIATIVES 609 Svetislav Paunovic FUNDS FOR ENVIRONMENTAL PROTECTION AS SPECIFIC INVESTMENT FUNDS 620 Bozo Draskovic, Dimitrije Aleksic ENVIRONMENT, CORPORATE SOCIAL RESPONSIBILITY AND CORPORATE GOVERNANCE DISCLOSURE IN FINANCIAL REPORTS IN SERBIA: MODEL TO ATTRACT FOREIGN DIRECT INVESTMENTS 648 Branko Z. Ljutic, Sandra B. Milosevic MULTI-CRITERIA ANALYSIS OF THE EFFECTS OF IMPLEMENTED MEASURES FOR ACHIEVING SUSTAINABLE DEVELOPMENT IN AGRICULTURE 660 Jasmina Janjic, Jelena Stankovic, Milivoje Pesic CLUSTER ANALYSIS OF THE DISTRICTS IN SERBIA ACCORDING TO SOCIAL DEVELOPMENT INDICATORS 676 Vesna Jankovic-Milic, Ivan Markovic, Viadan Igic THE IMPORTANCE OF CLUSTERS FOR DEVELOPMENT OF SMES AND ENTREPRENEURSHIP IN POST CRISIS PERIOD 693 Vladimir Mirkovic